It's the digital Gold Rush ladies and gentlemen! The Wild Wild decentralized West of the cryptocurrency is upon us.
The difference is that they're precious crytpocurrencies instead of gems, rare metals, or expensive stones.
Some coins are easier to reach like the one I will be talking about today, and some are harder to reach such as Bitcoin. Depending on your equipment you can reach any of these new currencies no matter how deep they are. Some you can reach with a small pick axe with some time if your hardware allows. Some currencies like Bitcoin exist now in a black hole where your equipment needs to be the U.S.S enterprise of mining rigs just to reach it while also having it be profitable. This is not the time to get discouraged my little future prospectors, for there are some serious coins that we can acquire with only machines we have lying around our home or office. (Not recommended that you mine from your office, as long as you're not violating any policies.)
Remember to note that there's a difference between CPU & GPU mining.
Short Answer :
A CPU core can execute 4 32-bit instructions per clock (using a 128-bit SSE instruction) or 8 via AVX (256-Bit), whereas a GPU like the Radeon HD 5970 can execute 3200 32-bit instructions per clock (using its 3200 ALUs or shaders). This is a difference of 800 (or 400 in case of AVX) times more instructions per clock. As of 2011, the fastest CPUs have up to 6, 8, or 12 cores and a somewhat higher frequency clock (2000-3000 MHz vs. 725 MHz for the Radeon HD 5970), but one HD5970 is still more than five times faster than four 12-core CPUs at 2.3GHz (which would also set you back about $4700 rather than $350 for the HD5970). )*These prices have changed due to the high demand of GPU's for mining as of recent.
(Short answer courtesy of Creative Commons Attribution 3.0)
Before we get our hands a little dirty:
My hardware
- Older iMac (2013) with 4 cores and no GPU for mining
- Intel Xeon e5-1650V2 (External Dedicated server)
- Intel i7 Quad Core, 48GB ram (laptop)
- Nvidia GeForce GTX 1080 (laptop)
As you can see,my setup is not a CRAZY mining rig by any means. This is literally a setup to acquire low hanging coins. With your simple machine it to can acquire coins that will eventually grow in value or ones that are awaiting appreciation.
My go to coin is currently Bytecoin (BCN) since it's lower in price it makes it easier for you to accumulate a good amount of it. This coin can be easily mined through pools such as Miner Gate where you can view in real time your progress. You just have to create an account and download the mining application (Windows/Mac.) If you have multiple computers mining the same coin on Minergate, you just have to make sure your username/email is in the right places.
Sudo mining with minergate install -
"sudo apt-get update && wget https://minergate.com/download/deb-cli -O minergate-cli.deb && sudo dpkg -i minergate-cli.deb"
"minergate-cli -user [email protected] -bcn 4"
(Default here is bcn 4 which will start mining bcn with 4 cores when you execute. You can also change what coin you want to mine here that Minergate has to offer, example XMR to start mining Menero instead. *Note - not all coins that Minergate offer can be run this way.)
By the numbers
What can I get with my setup?
With my CPU (8 cores) & GPU (4) laptop over clocked, my iMac mining away with 4 cores and my dedicated server mining at 6 cores I can get about a 1.4 Kh/s to 1.5 Kh/s
I use coinwarz.com to calculate my mining rate and possible earnings.
You just put in your H/S and make sure the difficulty is correct. (*Check with Minergate's website to get correct numbers)
If I can acquire 958,874.08 BCN a year while it stays at it's same rate, that would be fantastic! Then hopefully the price goes to .10 cents in 2019 after mining for two years. Giving me:
*This is only possible if I stay overclocked mining 24/7 for a year though putting stress on my hardware and if BCN grows in vaule.
Well I hope you found something useful!
*Disclaimer - This maybe not the coin for you. I know for a fact that there are other coins way more easier to mine that have higher value than BCN. My setup and systems/ opinions of my own. If you're interested do the test on your hardware and please do the numbers yourself. Then after the numbers run the mining and then get the actual numbers then caculate those to see if it's accurate. This is not a get rich quick/sure fire money maker. This is hoping that the coin doesn't sit atless than a penny in the coming years.
If you have any questions please post them in the comment section! Please don't forget to upvote and follow me for more coins to mine. I will be posting about 3 other coins that have a very good mining rate right now and/or expecting appreciation.
Happy mining everyone!
Wow great write up Yunk! I am going to have to give this a whirl!
True Flip {ICO} - Already running a transparent blockchain lottery! Bomb! Bonus 20%! Hurry! :)
The platform is already working and making a profit :)
https://steemit.com/ico/@happycoin/true-flip-ico-already-running-a-transparent-blockchain-lottery-bomb-bonus-20-hurry
Thanks @satchmo! Also I'm also doing coins you recommended as well. I will do some write up on how to set some of those up. Dbix is one of the hardest if you don't know how to work with a wallet. Also everything seems a little tad cheeky on that coin.
But ZEN for sure!
Awesome to know, however, bittrex zen wallet went down, so may have to get an eleos to store... not sure where else ZEN trades.
You can do a wallet on your desktop and that never goes down. It syncs with the blockchain. That's what I do with SIA and Dbix
Bittrex ZEN wallet under maintenance****
also @satchmo how are you getting updated that new comments are there. I think the notification system is broken.
I am getting push notifications through esteem, its a pretty sweet app for this, android. There are some other ones, web browser i get sometimes
Very informative and detailed post.
Some people may be very interested in the technology and what goes into mining etc. They will find this amazing.
There is people like me who also love all that but I prefer to cloud mine purely out of easibilty.
Great post. Followed.
Thank you @shameonyoubane I hope people do find a little bit of it useful. If you cloud mine you should look into pool mining also possibly. You get rewarded the more you're on or the longer you are. Cloud mining is pretty great also!
Very good stuff about mining. Enjoyable to read.
I hope you consider just getting a few coins here and there! You never know what will go to the moon. I will do one more post about 3 other coins i'm also working on. Thanks for viewing and being a part of the steemit community.
Yes, I am hodling and mining quite a many coins :) Can't wait for more posts from you and thanks.
This post received a 2.4% upvote from @randowhale thanks to @yunkzilla! For more information, click here!
Why thank you mercilessness yunkzilla
Awesome post @yunkzilla
Im just getting into mining. Ive used guiminer for bitcoin and it stopped working so i found minergate and i love it. It even has an app so i can mine with my phone.
Have you heard about dashcoin and why you can't withdraw? I was not happy aft werr getting a whole coin
There's been a bunch of issues with Dashcoin as of late. Just wait for it, I'm sure they'll bring it back online. I just wish we had bigger rigs for more coins!
BCN has also been disabled in POLO so I'm just coin stacking now.
I'm doing this now. Have a few questions. hit me up on chat when you get a chance.